NEW YORK (TheStreet) --Shares of RealPage Inc. (RP - Get Report) are down by -24.37% to $16.20 in pre-market trading on Friday after the company announced it cut its adjusted earnings and revenue guidance for the 2014 second quarter.
The company, which provides demand software solutions for the rental housing industry, announced Thursday that it is now expecting total revenue for the quarter ended June 30 to be between $93.8 million and $94.8 million, compared to its previous estimates of $106 million to $108 million.
RealPage said adjusted EBITDA will be between $11.5 million and $12.5 million for the 2014 second quarter, compared to its previous guidance of $25 million to $25.5 million.
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The company said its second quarter performance was impacted by lower than expected revenue from products and services related to leasing activity.
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